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Bank Nifty January Futures (48,660)
Bank Nifty index is trading marginally higher. It is currently at 48,320, up 0.05 per cent. The advance/decline ratio is at 8:4. This is positive for the index.
Support is holding very well in the 48,100-48,000 region, leaving the chances high for the Bank Nifty index to move higher during the day. Intermediate resistance is at 48,400. A strong break above it can take the Nifty Bank index up to 48,550-48,600 during the day.
The outlook will turn negative only if the contract breaks below 48,000. Such a break can take the index down to 48,800 and 48,600.
The Bank Nifty January Futures (48,660) is up 0.06 per cent. The price action on the charts indicates a range. 48,350-48,850 can be a possible trading range. Within this range, the chances are looking high for the Bank Nifty Futures contract to move up towards the upper end of the range during the day.
From a big picture, the bias is bullish. As such we can see the Bank Nifty January Futures contract to breach 48,850 eventually. Such a break can take the contract up to 49,300-49,500 in the coming days.
Considering the high chances of the Bank Nifty Futures contract to break the range on the upside, we suggest traders to take a positional trade for this week.
Traders can go long now at 48,650. Accumulate on dips at 48,500 and 48,400. The average holding rate will be 48,517. Keep a stop-loss at 48,250. Trail the stop-loss up to 48,830 as soon as the contract moves up to 48,990. Move the stop-loss further up to 48,980 when the contract touches 49,100. Exit the long positions at 49,200.
Supports: 48,500, 48,350
Resistances: 48,850, 49,300
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Bank Nifty Prediction Today–January 01, 2024: Range bound with a bullish bias. Consider positional trades – BusinessLine
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